Payments giant Mastercard Inc MA is now working with the world’s largest cryptocurrency exchange Binance to enable crypto payments in 90 million stores.
What Happened: “We can unlock the full potential of blockchain technology when we make it easier to access + easier to use,” said Mastercard CEO Michael Miebach in a LinkedIn post on Tuesday.
“One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people to use their crypto to make purchases at 90m+ stores that accept Mastercard.”
Miebach said that the firm is launching these efforts in Argentina and plans to expand further from there.
Earlier this month, Binance and Mastercard said they had partnered to launch a prepaid card in Argentina that would bridge cryptocurrencies and day-to-day purchases.
The Binance Card was issued by Credencial Payments and allows users in the region with possession of a national ID to make purchases and pay bills with cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD and Binance Coin BNB/USD.
The users’ cryptocurrency will be converted into fiat currency in real-time at the point of purchase. The card will also let users earn 8% in crypto cashback as well as zero fees on ATM withdrawals.
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Price Action: The cryptocurrency market saw a 2.32% rise over 24 hours to $1.04 trillion. At press time, BTC was trading at $21,535 and ETH was trading at $1,661, according to data from Benzinga Pro.
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